Here is the NMLS Policy on the definition of Control Person. But keep in mind that each state can make their definition broader than this if they desire.

  • Owners of 10% or more
  • Senior Executive Officers/Directors/LLC Managers

On page 37 of the NMLS Policy Handbook, there is a definition of Executive Officers:

Corporate Governance – as set out in the most recent Articles of Incorporation, Articles of Organization, or Partnership Agreement.

A) Board of Directors, Board of Managers, Member Manager, General Partner, or similar governing body

B) President, Executive Vice President, Senior Vice President, Treasurer, Secretary, or similarly elected or appointed senior corporate officers

Functional Responsibility – Individuals, regardless of title, who have the power, directly or indirectly, to direct the management or policies of a company by contract, or otherwise. Job description holds individual responsible for the operational, financial, information technology, compliance, and/or security functions of the company, including Chief Executive Officer, Chief Financial Officer, Chief Operations Officer, Chief Legal Officer, Chief Credit Officer, Chief Compliance Officer, and individuals occupying similar positions or performing similar functions. Other required individuals may include qualified persons, location supervisors, and branch managers.

The NMLS Policy Handbook refers to Titles under Corporate Governance and refers to “power to direct” under Functional Responsibility.

So you will need your legal counsel to determine who is part of the Corporate Governance and has the Functional Responsibility to be considered an “Executive Officer” reportable in the NMLS.

Also, some states may take a broader stance than this NMLS Policy.